Corporate Card Optimization with PredictX
PredictX identifies instances where personal cards are used instead of corporate cards. By analyzing data at a regional, business unit, or individual traveler level, T&E teams can pinpoint non-compliance and work to increase adherence to corporate card policies.
Why is corporate card optimization important?
Enhanced Visibility and Transparency
Improved Compliance
Cost Savings:
What are the challenges in conducting corporate card optimization?
Data Integration and Quality: Integrating transactional data from corporate cards with other financial systems can be complex. Ensuring the data is accurate, categorized correctly, and reconciled with bookings and expense reports is essential for a comprehensive view of travel spend.
Technology and Integration: Implementing and maintaining the technology required to manage corporate card usage, such as expense management systems and analytics tools, can be resource-intensive.
User Adoption and Behavior Change: Changing established habits and convincing travelers to use corporate cards requires a combination of policy enforcement, education, and sometimes incentives.
More detail on how PredictX helps you do it better.
PredictX aids corporations in optimizing corporate card usage through a variety of methods:
Visibility into Spend: PredictX provides a clear view of total expenditure from suppliers, including spend not reported by TMCs. This comprehensive visibility can lead to significant savings by informing better sourcing and program compliance.
Customized Policy Design: By leveraging traveler personas, PredictX helps companies understand traveler patterns and needs, allowing for the creation of optimized travel policies that address spend efficiency, traveler well-being, compliance, risk management, and sustainability.
Refund Tracking: PredictX captures and tracks refunds paid back to corporate cards, highlighting where refunds have yet to be applied or have been potentially applied to personal payment methods, thus improving the accuracy of financial reporting.
Detection of Hidden Personal Spend: The platform's machine learning models identify personal spend hidden in expense claims, even when disguised through payment gateways like PayPal or e-commerce platforms like Amazon.
Corporate Card Compliance: PredictX identifies at a regional, business unit, or individual traveler level where personal cards are being used instead of corporate cards, driving improved compliance and card program optimization.
Real-time Monitoring and Intervention: The platform provides up-to-date data on travel expenses, enabling companies to monitor costs and intervene when necessary to find more cost-effective alternatives.
Forecasting and Budgeting: PredictX uses historical behavioral and trend information to forecast future travel expenses and allocate budgets more accurately.
FAQs
Explore some of the frequently asked questions about corporate card optimization
PredictX is a data analytics platform that provides comprehensive insights into corporate travel and expense management. It helps with corporate card optimization by offering visibility into spend, compliance management, and actionable insights to improve policy adherence and financial control.
PredictX provides a 360-degree view of complete travel data, including critical actual spend data not available through other sources. This allows companies to see the total expenditure from suppliers and identify spending patterns, leading to better sourcing and compliance.
Yes, PredictX identifies at a regional, business unit, or individual traveler level where personal cards are being used instead of corporate cards. This drives improved compliance and card program optimization by highlighting gaps and areas for policy reinforcement.
PredictX’s platform provides real-time data on travel expenses, enabling companies to monitor costs and intervene when necessary to find more cost-effective alternatives or address policy violations.
PredictX contains processes that help identify fraudulent or non-compliant activities by several methods. For further information, please see the DetectX product page.
PredictX allows companies to compare actual rates paid to suppliers against negotiated rates, identifying discrepancies and opportunities for further negotiation or supplier consolidation.